Banc of America Securities announces the successful launch of £500
million
securitisation of credit card receivables for Egg Banking plc
LONDON -- Banc of America Securities, acting as
joint lead manager and joint
bookrunner, has successfully launched Pillar Funding 2003-1, a £500
million
UK credit card master trust transaction for Egg Banking plc.
The transaction will be tranched as follows:
Class Exp Ratings S&P/Moody's/Fitch Initial Principal Balance
(million)
Credit Enhancement (in addition to excess spread) Exp Principal
Repayment Type Scheduled Maturity Date Legal Maturity Date Coupon
A1 AAA/Aaa/AAA EUR200 13% 5 yr Soft Bullet May 2008
May 2010 3m EURIBOR + 25 bps
A2 AAA/Aaa/AAA £100 13% 5 yr Soft Bullet May 2008
May 2010 3m GBP LIBOR + 25 bps
A3 AAA/Aaa/AAA $316 13% 5 yr Soft Bullet May 2008
May 2010 3m USD LIBOR + 25 bps
B A/A2/A £25 8% 5 yr Soft Bullet May 2008 May
2010 3m GBP LIBOR + 65 bps
C1 BBB/Baa2/BBB EUR40 Spread account 5 yr Soft Bullet May
2008 May 2010 3m EURIBOR + 165 bps
C2 BBB/Baa2/BBB £11.5 Spread account 5 yr Soft Bullet May
2008 May 2010 3m GBP LIBOR + 170 bps
Pillar Funding 2003-1 follows Pillar Funding 2002-1, the inaugural
credit
card securitisation for Egg Banking plc which was successfully launched
in
October 2002. It is intended that this series of securitisation
programmes
will be continued going forward.
Egg Banking plc is the UK's leading internet bank
with over 2.7 million
customers. The bank offers a wide range of retail banking products
including credit cards, residential mortgages, personal loans and
savings
accounts. Egg Banking plc has been an authorised bank since 1996
and is
regulated by the FSA. EggCard (5% of the UK market) is one of the
bank's
main products and is positioned to attract prime credit quality
customers.
Proceeds of the issuance are intended for general
corporate purposes.
Banc of America Securities is a leading global provider
of securitisation
financing. The London-based securitisation team is recognised for
its
innovative structures in various markets, including this transaction,
once
again positioning the bank as a market leader.
Banc of America Securities Limited, a subsidiary
of Bank of America, N.A.,
delivers capital raising, financial advisory and risk management
solutions,
trading and global distribution services, and objective research
on global
markets and growth sectors to corporations, institutional investors,
financial institutions and government entities.
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